Updated Guidelines for KYC/AML/CFT in relation to POSB – SB Order No. 12/2023 PDF

Revision of Know Your Customer (KYC) / Anti Money Laundering (AML) / Combating the Financing of Terrorism (CFT) norms in respect of POSB

SB Order No. 12 / 2023

No. FS-10/22/2023-FS-DOP
Govt. of India
Ministry of Communications
Department of Posts
(F.S. Division)

Dak Bhawan, New Delhi – 110001
Dated: 29.05.2023

Corrigendum

To

All Heads of Circles / Regions

Subject: Revision of Know Your Customer (KYC) / Anti Money Laundering (AML) / Combating the Financing of Terrorism (CFT) norms in respect of POSB – Reg.

Madam / Sir,

Kindly refer the SB Order No. 12/2023 dated 25.05.2023 issued in connection with the subject cited above. In para 2.4.1 (iii) of the Master Circular No. 2 attached with the said order, “does not – exceed” may be read as “exceeds”.

2. Accordingly, para 2.4.1 (iii) may be read as High Risk – Where the customer opens account or applies for purchase of certificates or applies for credit of maturity/prematurity value of any existing savings instrument with an amount exceeding ₹ 10 lakh and balance in all accounts and certificates exceeds ₹ 10 lakh.
   
3. This may be circulated to all the concerned.
   
4. This is issued with the approval of Competent Authority.

(T C VIJAYAN)
Asst. Director (SB-I)

Source

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